Insurance Newsletter No. 532, 21 January 2021

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

RENOMIA strengthens its position within CEE and enters Latvia
by Alexandra GUZUN, 2021-01-19
RENOMIA purchased a majority stake in R&D APDROSINASANAS BROKERS (R&D Insurance Brokers Ltd.), a local company based in Riga and strengthened its position within Central and Eastern Europe (CEE) as Latvia became the eighth European country in which RENOMIA has direct representation.

Global Risks Report 2021 - Economic fragility is set to increase; environmental risks remain a strong reason for concern
by XPRIMM, 2021-01-21
"Despite the inescapable fallout from COVID-19, it is climate-related matters that make up the bulk of this year's risk list, which the report describes as "an existential threat to humanity," the latest Global Risks Report 2021, launched on January 19, shows.

Insurance industry cyber-awareness initiatives reviewed in the latest GFIA report
by Daniela GHETU, 2021-01-20
The Global Federation of Insurance Associations (GFIA) has published a collection of some of the many cyber-risk and cyber-insurance awareness initiatives being undertaken by the insurance industry around the world.

Romania: ASF fined the two largest MTPL insurers
by Andrei Victor, 2021-01-18
Following the control actions conducted by ASF, CITY Insurance and EUROINS Romania - the two insurers accounting for almost 75% of the MTPL insurance portfolio in Romania - were sanctioned by the local insurance market supervisor, www.1asig.ro wrote.

German insurers IT spending for the first time over EUR 5 five billion in 2019
by Daniela GHETU, 2021-01-21
The IT spending of German insurers rose by 15% y-o-y, to EUR 5.5 billion in 2019, the German Insurers Association (GDV) said. The boost provided by the pandemic to digitization will probably result in even higher expenses, but also in changed priorities in the digitalization journey.

Poland: KNF approved the merger of GENERALI non-life insurers
by Andrei Victor, 2021-01-21
GENERALI has almost completed the integration process with CONCORDIA after KNF - The Polish Financial Supervision Authority approved the merger of its two non-life insurers - GENERALI and CONCORDIA Polska.

BOSNIA-HERZEGOVINA: A new market leader may arise after ASA Osiguranje's acquisition of the CO's previous target
by Andrei Victor, 2021-01-21
The Insurance Supervision Agency of the Federation of BiH has granted approval to ASA osiguranje to buy a 86.46% stake in CENTRAL osiguranje, the acquisition previously targeted by CROATIA osiguranje, local media wrote.

Slovakia: Kooperativa's administrative office restoration after the 2018 fire, almost ready
by Daniela GHETU, 2021-01-21
Roland's Palace return to its original look, after the fire which damaged it in November 2018, was announced for Q2 2021, the Slovak Spectator reports. The building, one of the most beautiful in Bratislava's Main Square, is owned by insurer Kooperativa.

Insurance industry can play a key role in the sustainability transition
by Alexandra GUZUN, 2021-01-18
As sustainability is a global issue, it must be addressed through international coordination where the insurers remain as committed as ever to supporting the transition to a more sustainable society and to tackling climate change, according to Insurance Europe.

SCOR will provide life insurance through Bayer and One Drop
by Alexandra GUZUN, 2021-01-20
SCOR has announced a new partnership with Life Science company Bayer and One Drop to provide life insurance products for people with chronic conditions. They will bring One Drop's AI-powered digital health platform to life insurance carriers and policyholders across the United States.

E-scooters: insurance and safety implications from GFIA
by Alexandra GUZUN, 2021-01-20
GFIA (Global Federation of Insurance Associations) has issued a paper regarding their recommendations for the e-scooters which became one of fastest growing urban mobility trends and it is crucial to understand the risk profile of e-scooters and jurisdictional best practices for regulating them.

Digital innovation by SCOR will improve the underwriting process
by Alexandra GUZUN, 2021-01-21
Vitae, an innovative biometric risk calculator will be developed by SCOR in order to improve the underwriting process and is a cutting-edge biometric risk calculator based on advances in medical research and employing innovative Machine Learning techniques.

European Single Access Point - a single EU access point for company information
by Alexandra GUZUN, 2021-01-21
Insurance Europe has published its comments on an inception impact assessment conducted by the European Commission on its plans to establish a European Single Access Point (ESAP) for financial and non-financial information disclosed by companies.

AXA extends its smart working strategy globally
by Alexandra GUZUN, 2021-01-21
AXA implements what it calls "smart working strategy" to all of its entities worldwide. The strategy is about a hybrid way of working and will be deployed by 2023, as a press release issued by AXA.

Insurance Europe agreed the EFRAG pillar for non-financial reporting
by press.release, 2021-01-21
Insurance Europe has published its response to a consultation conducted by the European Financial Reporting Advisory Group (EFRAG) on the ad personam mandate on the potential need for changes to its governance and funding.

British insurers bound to pay Covid-19 related BI claims
by Daniela GHETU, 2021-01-18
The U.K. Supreme Court ruled last week that insurers must pay out to hundreds of thousands of companies forced to close during the country's first pandemic lockdown, ruling in favor of the Financial Conduct Authority in a landmark case over business interruption cover, Law360 (London) reported.

Insurance Special Purpose Vehicle has been approved for Lloyd's by the regulatory
by Alexandra GUZUN, 2021-01-19
Lloyd's announced that it has received regulatory approval from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to set up a new multi Insurance Special Purpose Vehicle (mISPV).

AZERBAIJAN: Baki Sigorta put on the register of the Azerbaijani Compulsory Insurance Bureau
by Marina MAGNAVAL, 2021-01-19
Baki Sigorta insurance company has been put on the register of the Azerbaijani Compulsory Insurance Bureau. The company will provide services in compulsory real estate insurance, civil liability insurance for the operation of real estate, and MTPL, Trend reported referring to the Bureau.

Продолжение

KAZAKHSTAN: after 11 months of 2020, life insurance maintains the best dynamics, having increased its share in the market portfolio to almost 40%
by Marina MAGNAVAL, 2021-01-20
From January to November 2020, GWP of the Kazakh insurance market increased by 11% y-o-y, Allinsurance.kz reports.

Продолжение

RUSSIA: Moscow and Moscow region leading in e-MTPL sales in 2020
by Marina MAGNAVAL, 2021-01-20
In 2020, 17.8 million e-MTPL policies were sold in Russia, thus the share of e-MTPL reached approximately 50% of all sold MTPL policies for the period.

Продолжение

RUSSIA: SBERBANK Insurance increased the capacity of its property obligatory reinsurance treaty to RUB 10 billion
by Marina MAGNAVAL, 2021-01-20
SBERBANK Insurance, one of the TOP-20 local insurers, renewed the obligatory reinsurance treaty of property and builder's risks and doubled the program capacity to RUB 10 billion (EUR 0.11 billion*), the insurer reports.

Продолжение

UKRAINE: INGO: the number of customers who bought insurance products online tripled in 2020
by Marina MAGNAVAL, 2021-01-21
According to the INGO insurance company, the number of customers who bought insurance products online in Ukraine in 2020 tripled y-o-y, as Forinsurer informed with reference to the insurer's report.

Продолжение

DNB approved the absorbtion VIVAT Non-life by NN Non-life
by Andrei Victor, 2021-01-19
Dutch insurance group NN announced it has obtained approval from De Nederlandsche Bank (DNB), the Dutch supervisory authority, to execute the legal merger of VIVAT Non-life into NN Non-life.

MARKET & TRENDS

Allianz Risk Barometer 2021: outlasting Covid-19 trends reshaping the corporate landscape
by Daniela GHETU, 2021-01-21
A Covid-19 related trio of risks - business interruption, pandemic outbreak and cyber incidents - top the Allianz Risk Barometer 2021, the latest edition of the annual survey of risk management experts by?corporate insurer Allianz Global Corporate & Specialty.?

STATISTICS

STATISTICS: Polish insurers' Q3 profits decreased by 13% y-o-y
by Andrei Victor, 2021-01-21
Polish insurance market totaled PLN 46.5 billion (EUR 10.2 billion) at the end of September 2020, down by 1% y-o-y, according to the quarterly market figures published by The Polish Financial Supervision Authority (KNF). At the same time, claims and benefits paid by local insurers decreased by ~4% y-o-y to PLN 29.5 billion EUR 6.5 billion.

STATISTICS: Hungary: Insurers' Q3 profits expanded to almost EUR 200 million
by Andrei Victor, 2021-01-21
According to the quarterly MNB published statistics, at the end of September 2020 the aggregate market gross profit of Hungarian insurers was up by 27.20% y-o-y to HUF 70.45 billion the equivalent of EUR 193 million (vs. HUF 55.39 billion), while the value of net profit increased to HUF 65.96 billion (EUR 180 million).

STATISTICS: TAJIKISTAN, 3Q2020: market GWP increased by about 4% y-o-y, while profits - by more than 65%
by Marina MAGNAVAL, 2021-01-21
At the end of 3Q2020, the insurance market in Tajikistan expanded by 4